Accounting Terms; Definitions Clause Samples
The "Accounting Terms; Definitions" clause establishes clear meanings for specific accounting-related terms used throughout the agreement. It typically lists and defines key financial concepts, such as "GAAP," "fiscal year," or "net income," ensuring that all parties interpret these terms consistently. By providing precise definitions, this clause eliminates ambiguity and reduces the risk of misunderstandings or disputes regarding financial reporting and obligations under the contract.
Accounting Terms; Definitions. All accounting and financial terms used in this Agreement are used with the meanings such terms would be given in accordance with generally accepted accounting principles except as may be otherwise specifically provided in this Agreement. The following terms have the meanings indicated when used in this Agreement with the initial letter capitalized:
Accounting Terms; Definitions. Except as otherwise provided, all accounting terms shall be construed in accordance with generally accepted accounting principles consistently applied and consistent with those applied in the preparation of the financial statements referred to in section 4.5, and financial data submitted pursuant to this Agreement shall be prepared in accordance with such principles. As used herein:
Accounting Terms; Definitions. As used herein:
Accounting Terms; Definitions. Except as otherwise provided, all accounting terms shall be construed in accordance with generally accepted accounting principles consistently applied and consistent with those applied in the preparation of the financial statements referred to in section 4.5, and financial data submitted pursuant to this Agreement shall be prepared in accordance with such principles. As used herein:
(a) the term "Affiliate,, means any person, firm or corporation, which, directly or indirectly, controls, is controlled by, or is under common control with, the Company or a Subsidiary.
(b) the term "Business Day" means any day other than a Saturday or Sunday on which banks in the States of Wisconsin and Illinois are open for the transaction of substantially all of their banking functions; provided, however, that for purposes of calculating the Basic LIBOR Rate, the LIBOR Interest Periods, and the election of LIBOR Pricing Options, the term "Business Day" shall mean in addition only those days on which dealings in U.S. dollar deposits are carried out by U.S. financial institutions in the London interbank market.
Accounting Terms; Definitions. Except as otherwise provided, all accounting terms shall be construed in accordance GAAP consistently applied and consistent with those applied in the preparation of the financial statements referred to in Section 3.5, and financial data submitted pursuant to this Agreement shall be prepared in accordance with such principles. As used herein:
(a) The term "Affiliate" means any person, firm or corporation, which, directly or indirectly, controls, is controlled by, or is under common control with, the Company.
Accounting Terms; Definitions a. AMENDED DEFINITIONS. Each of the following definitions which are set forth in Section 1.1 of the Agreement are hereby amended and restated in their entireties, to read as follows:
Accounting Terms; Definitions. The definition of "Maximum Availability" under Section 1.01 of the Agreement is hereby amended and restated in its entirety to read as follows:
Accounting Terms; Definitions. All accounting and financial terms used in this Agreement are used with the meanings such terms would be given in accordance with GAAP (as defined herein) except as may be otherwise specifically provided in this Agreement. All capitalized terms used herein with reference to the Collateral (as hereinafter defined) and defined in the Uniform Commercial Code as adopted in the State of Indiana from time to time (the “Uniform Commercial Code”) shall have the meaning given therein unless otherwise defined herein. To the extent the definition of any category or type of Collateral is expanded by any amendment, modification or revision to the Uniform Commercial Code, such expanded definition will apply automatically as of the effective date of such amendment, modification or revision. The following terms have the meanings indicated when used in this Agreement with the initial letter capitalized:
Accounting Terms; Definitions. Except as otherwise provided, all accounting terms shall be construed in accordance with generally accepted accounting principles consistently applied and consistent with those applied in the preparation of the financial statements referred to in section 4.5, and financial data submitted pursuant to this Agreement shall be prepared in accordance with such principles. As used herein: (a) the term "Adjusted LIBOR Rate" means, for any Interest Period with respect to an Adjusted LIBOR Rate Loan, a rate per annum (rounded upward, if necessary, to the nearest 1/100 of 1%) determined pursuant to the following formula: Adjusted LIBOR Rate = LIBOR Rate + Applicable Margin 1-LIBOR Reserve Requirement
Accounting Terms; Definitions. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if LESCO notifies Supplier that LESCO requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision, regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Defined terms used in this Agreement shall have the meaning ascribed thereto as follows: